Halifax and Experian have teamed up to offer customers a service which aims to help unsuccessful applicants understand why they have had their mortgage application rejected.
The new scheme offers unsuccessful applicants unlimited access to a bespoke CreditExpert membership and a team of 15 credit experts who will provide advice on what is impacting their credit score.
All customers will have a 30-day free trial to the service. After this, applicants will be charged for the service.
Currently, unsuccessful applicants are not given reasons why their mortgage application was rejected.
Halifax commercial director Stephen Noakes says: “Although eight out of 10 borrowers are successful in getting a mortgage, we do not want the unsuccessful few to feel like they have hit a brick wall if they are turned down. However, lenders are limited in what we can say about someone’s credit profile, and we know that has not been particularly helpful.
“By developing this new service with CreditExpert, it means that we can really help first-time buyers understand what they need to do in order to come back to us and be successful in their application.”